Greystar buys Tampa apartments for $82 million

Nation's largest multifamily rental manager adds to area portfolio
By: 
Jul. 20, 2018

Greystar Real Estate Partners, the nation’s largest manager of multifamily rentals, has acquired the Avana Westchase Apartments for $82 million, according to Hillsborough County property records.

The Charleston, S.C.-based apartment operator, which the National Multifamily Housing Council also ranks as one of the U.S.’s largest developers in the sector, bought the 400-unit complex last month.

Avana Westchase was completed in 2001 and substantially renovated last year.

Rents in the 12201 Lexington Park Drive complex range from $1,595 to $2,232 per month, according to several area online apartment sites.

Greystar’s GS Westchase LLC acquired the complex from an affiliate of Pollack Shores Real Estate Group, of Atlanta. Pollack Shores’ affiliate PS Lexington Park Owner LLC bought the complex in June 2015 for $64.5 million, property records indicate.

Greystar officials did not respond to requests for comment on the purchase.

The company’s deal brings to 16 the number of apartment communities it now owns or manages in the Tampa area, according to its website.

In all, Greystar manages more than 435,000 rental units nationwide, making it the largest multifamily rental manager in the U.S. The company, which was founded in 1993 and has more than $23 billion in assets under management, also has $8 billion worth of development either underway or in its pipeline, according to its wensite.

In Sarasota, Greystar is developing Elan Rosemary, a 286-unit complex valued at $33 million.